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Setting aside money on a regular basis may well be a savings habit for many Britons. And for some, doing this may mean they can reap rewards – via market-leading interest rates.
Of course, a Regular Savings account may not suit all savers.
However, there are a number of options for those who are interested in this type of account.
So, which savings providers are currently offering the market-leading rates?
Moneyfacts.co.uk has compared 46 products of these products that are out there at this moment in time.
Currently at the top of its Regular Savings Accounts table is the Loyalty Regular Saver by Cambridge Building Society.
This one-year bond offers three percent AER, paid at £100, correct at the time of writing.
The interest on this account is paid on maturity, and the interest rate is fixed until this date falls.
“Your account will mature one year from the date of your initial deposit,” the website explains.
There are several limits to note with regards to this account.
First of all, there is a minimum opening amount of £100.
Subsequent monthly deposits can range between £1 and £100.
The Building Society directs customers to make all deposits they wish to between the first and the 25th of the month, to ensure the payments count for the relevant month.
Due to the aforementioned limits, the maximum a person can save in this account over the course of the 12 months is £1,200.
To open the account, those who qualify can do so either in branch, by telephone, or via post.
Who is eligible for this account?
To open the account, a person must be a member of Cambridge Building Society who has head a savings or a mortgage account with the Society for the last 12 months.
Furthermore, it’s only possible for customers to have one Loyalty Regular Saver with the Society at any one time, meaning those who already have one aren’t eligible to open another.
Additionally, there is a limit when it comes to the amount an individual can save with the Building Society.
The overall maximum holding by any one person “in respect of all accounts” with Cambridge Building Society is £2,000,000.
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